Ami Organics: Is it time to book profit as strong listing narrows valuation gap?
Post the strong listing, multiples are close to some of the larger players in chemicals, having their end-market as pharma.
PRO Only Highlights
– Quarterly performance largely backed by improved realisations
– Medium-term triggers China plus and protectionist measures for tyre industry
– Valuations not inexpensive; but improved medium-term outlook
Ami Organics (CMP: Rs 934, Market Cap: Rs 3,405 crore) made an impressive listing on exchanges on Tuesday with a strong 49 per cent gain. The stock rose further during the day and closed its first trade 53 per cent above the IPO price. While the listing was expected to be positive, given the grey market premium, the actual numbers signify a strong interest for one of the few listed plays focused on pharma intermediates for APIs. To give a…